More Housing Stimulus Needed As Risks Rise

Further economic stimulus is "sorely needed," from Congress to encourage home ownership and limit foreclosures to pull the U.S. economy out of recession, David Seiders, chief economist of the National Association of Home Builders, (NAHB) told the association's Fall Construction Forecast Conference in Washington, D.C. last week.

Seiders said the steep decline in sales of new single-family homes should be coming to an end in early 2009, reported the NAHB's "Nation's Building News," setting the stage for "tepid" improvement in new residential construction later that year. However, he warned, that outcome has grown increasingly uncertain in light of the turmoil that has gripped world financial markets. Read the full article here.